RBI approves appointment of Ashok Vaswani as new MD & CEO of Kotak Mahindra Bank

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The Reserve Bank of India has approved the appointment of Ashok Vaswani as the Managing Director & CEO of Kotak Mahindra Bank (KMB) for a period of three years.

The appointment is with effect from the date of taking charge, which shall not be later than January 1, 2024, KMB said in a regulatory filing.

The approval is based on KMB’s application made to RBI on July 19, 2023 for its approval of the new Managing Director & CEO of the bank.

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KMB, in a statement, said, “Vaswani has a proven track record spanning three and a half decades, initially at Citigroup and more recently, at Barclays, of building and growing global businesses at scale, nurturing winning teams, establishing transformational partnerships, leveraging forward leaning technology, with a compelling business vision to deliver strong bottom-line growth.”

Vaswani is a Bachelor of Commerce, Economics and Accountancy, from the Sydenham College of Commerce and Economics (Bombay University), CA from the Institute of Chartered Accountants of India, CS from the Institute of Company Secretaries of India and Executive Education from the Stanford University Graduate School of Business.

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Uday Kotak, Founder and Director, KMB, said, “I am delighted that the RBI has approved our recommendation, Ashok Vaswani, as the next MD and CEO of Kotak Mahindra Bank. Ashok is a world class leader and banker with digital and customer focus. I am proud that we bring a “Global Indian” home to build Kotak and India of tomorrow.”

On his appointment, Vaswani said, “…With our proven leadership team we will take the bank to new heights. We will ensure that Kotak Mahindra Bank plays a meaningful role in India’s journey to being one of the top three economies in the world in the next 5 years, delivering shareholder value. At a personal level, l am delighted to come back home.”